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Fitch affirms Mediacom
Fitch Ratings said it affirmed the B+ issuer default rating on Mediacom LLC and Mediacom Broadband LLC.
Both companies are wholly owned subsidiaries of Mediacom Communications Corp.
The outlook is stable.
The ratings reflect an ongoing expectation that the company will utilize free cash flow generation to reduce outstanding debt, Fitch said.
The anticipated debt reduction coupled with modest operational improvement will strengthen credit protection metrics to a level more consistent with the current ratings, the agency said.
Concerns center on the company's high leverage relative to its peer group and other larger cable multiple system operators, a comparatively weaker subscriber clustering profile and service penetration rates that lag behind industry leaders, Fitch said.
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